Money in your pocket (ESOP)
Better prepared for financial security at the end of your career
100% of contributions are made by the company – it’s free money for you!
True sense of pride and ownership in the work you accomplish
Long-term peace of mind for you and your family
Because of our ESOP, our amazing team members finish the job on-time and on-budget. This saves our customers:
Time
Money
Hassle
Reputation
Brand image
An ESOP benefits our company in numerous ways. As a result, our ESOP:
Reduces turnover
Increases productivity
Puts our money back into our employee-owner’s pockets
Nurtures loyalty
Builds morale
Jim Whitaker, the founder of Whitaker Construction, always wanted his company to be different in the way it treated its employees. He valued the meaning of a team, and he knew that if people are treated fairly and given opportunities to shine, they work harder and have more pride in their work.
For more than 70 years, we've honored Jim Whitaker's vision to keep Whitaker Holdings' focus on our most valuable assets -- our people. By functioning as an ESOP, our employee-owners are able to benefit directly as a result of their hard work and are able to truly own a part of this company built on the ethics that Jim held so dear.
We sweat the small stuff, because the small stuff allows us to do the big stuff. We work hard, keep our equipment clean and in good repair, smile when others walk by, and create an atmosphere that encourages collaboration and communication. It's all part of The Whitaker Way.
Our ESOP, unlike a publicly-traded company, is evaluated and appraised each year by an independent firm that works closely with our ESOP manager. Each employee-owner has access to view their account via mobile app whenever they would like, although the balance only updates once per year. Click on the image or scan to get the Principal app:
All contributions are entirely made by Whitaker Holdings and begin after you have worked for four months. You never have to contribute a single penny…it’s on us!
An ESOP is intended to be a long-term benefit. By operating as a 100% ESOP, we are putting our money where our mouth is and proving to each of our employee-owners that we care about you, both now and in the future. After all, we do Build the Best: People, Communities, Future!
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We know…they can be a bit confusing at first. Check out this resource to help decipher your statement!
*See what your ESOP will be worth in the future! Set the Benefit Level at 6 and the Rate of Return at 18, then plug in your numbers!
*Meant as a tool. Variables may affect real-world numbers.
Want to see a list of the top 100 ESOP’s that are out there? Check out this resource from the NCEO.
You are eligible to enter the ESOP after you have worked for four months. After four months, you will be entered into the ESOP on either January 1st or July 1st, whichever occurs first.
If you leave the company before working for seven years, you are entitled to a portion of your ESOP balance. After becoming fully vested, 100% of your balance is yours. Please contact the ESOP Committee Chair or a member of the senior financial executive team for more information.
Yes, when you take your money out of your ESOP account, it will be taxed. As with any retirement savings, taking it out in large quantities or a lump sum will result in more taxes owed. We encourage you to work with your tax counsel so that you are informed about taxes and retirement savings.
Yes. To avoid IRS penalties, withdrawing funds from your ESOP should not start before age 59 1/2.
You can view your account balance and information at any time through the Principal app. However, please keep in mind that the information is only updated once each year in May.
Expect your first statement within 1.5 years from your hire date.
A vesting schedule is the time requirement that must be met before you have access to 100% of your account balance. Whitaker Holdings follows a seven year vesting schedule. Anything before seven years and you are only partially vested with access to a percentage of your account balance.
No. Instead of cutting checks to the IRS for taxes, we get to put it back into the company. This is an incredible advantage that we have in order to benefit the company and our amazing employee-owners!
Starting at age 55, participants that have at least 10 years in the ESOP may roll over up to 25% during the next 5 years. At age 60, they may withdraw an additional 25%, for combined total of 50%.
Regardless of age or years of experience, we rely on each other. We all need to be committed to helping the next generation of employee-owners be ready to continue building the company if we want to see the ESOP hit its full potential. We believe in the ESOP model. It attracts owners! We will be better prepared to compete than other companies.
Fluctuations are inherent in our business and are accounted for in our valuation process. If we were to experience consecutive years of losses, our share value would probably stop growing and may even decline slightly. We would continue to contribute to the ESOP and pay down debt. Balances would grow more slowly for a period until profitability returned. It’s important to keep a long-term mentality. Though we may experience some years that don’t perform as well as others, the outlook of our ESOP over the life of your career is very positive.
We’re not currently a publicly traded company. It costs $500,000 to $1,000,000 a year to do the additional accounting and administration required by the SEC of public companies. The benefits do not currently outweigh the costs.
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